**Newmark Facilitates $18.2M Sale of The Hills Apartments in Thousand Oaks**
Newmark has announced the successful arrangement of the $18.2 million sale of The Hills, a 52-unit multifamily property located at 850 Warwick Avenue in Thousand Oaks, California.
The brokerage team included Vice Chairman Dean Zander, Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein, and Senior Financial Analyst Gabe Munson. They represented the seller, Interstate Equities Corporation. The buyer in the transaction was FPA Multifamily.
Originally constructed in 1973, the property features large apartment units averaging nearly 1,000 square feet. With 37 out of the 52 units still unrenovated, the acquisition presents substantial value-add potential. Additionally, the property sits on a spacious 2.4-acre, low-density lot which may allow for the development of additional Accessory Dwelling Units (ADUs), further enhancing its future value.
“The sale of The Hills reflects the strong investor demand for value-add opportunities in Ventura County,” said Zander. “With its rental upside and ideal location, this property offers the new ownership an opportunity for durable growth and outsized returns, especially when combined with the efficiencies of owning other nearby communities.”
